控股股东、治理环境与机构股东积极治理效应——基于股权融资成本的视角  

Controlling Shareholders,Governance Environment and Institutional Investors' Effects on Corporate Governance—— From the Perspective Based on Stock Financing

作　　者：张婉君[1] 罗威[2] 

机构地区：[1]重庆工商大学会计学院,重庆400067 [2]重庆工商大学融智学院,重庆400067

出　　处：《山西财经大学学报》2010年第11期102-109,共8页Journal of Shanxi University of Finance and Economics

基　　金：国家社科基金项目"商业银行参与上市企业公司治理的机理研究"(08BJL030);教育部人文社科项目(09XJC630015)

摘　　要：以2004～2006年度我国沪深证券市场A股上市公司为对象,研究了中国上市公司机构投资者股东积极治理机制是否会对其股权融资成本产生影响。结果发现,机构投资者股东积极治理机制对股权融资成本产生了高度显著的负向影响。此外,进一步从股权融资成本视角考察控股股东性质、治理环境对机构股东积极治理效应的影响发现:国有控股抑制了机构投资者作用的发挥;相对于中央控股公司,地方控股公司进一步降低了机构投资者的积极作用;市场化程度、法治水平对机构投资者的公司治理效应能够产生重要影响。With listed companies from 2004 to2006 as samples for studying the institutional investors＇ effects on corporate governance and the influences of the types of controlling shareholders and governance environment on them,the empirical results show that institutional investors are effective in corporate governance and can improve corporate performance remarkably.State stock holding may restrain institutional investors＇ effects on corporate governance,and compared with local government stock holding companies,the effects of institutional investors in central government stock holding companies are better.And if marketing development is higher,the effects of institutional investors on corporate governance will be better.

关 键 词：机构投资者 控股股东 治理环境 

分 类 号：F832[经济管理—金融学]